According to a report by TechSci Research titled “Electric 4 Wheel Drive Car Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027″, the global market for electric 4 wheel drive cars is expected to maintain a steady CAGR between 2023 and 2027. These cars are equipped with a motor that powers both the front and rear wheels, with some models having separate motors for each. The use of two motors per axle enables the distribution of torque among all four wheels, resulting in better traction and handling capabilities, which is driving market demand. Additionally, electric 4 wheel drive cars are designed to optimize power distribution between motors during low load running, thereby increasing power efficiency and reducing energy loss. The growing need for increased vehicle mileage is expected to further boost the market demand. Furthermore, the sales of electric vehicles are being fueled by the rising number of SUV models that are being launched, as well as the increasing use of intelligent electric 4 wheel drive car systems.
Electric vehicles have lower maintenance costs and produce no noise while traveling. They have lower running costs than conventional four-wheeler vehicles and conveniently charge them at home. The electric vehicle offers storage space and comfortable cabin space and is environment-friendly, which is one of the major reasons for its high sales across the globe.
However, the increased cost of maintenance and the extra equipment adds complexity and weight to the vehicle, which may restrain the growth of the global electric 4 wheel drive car market in the forecast period.
The global electric 4 wheel drive car market is segmented on the basis of propulsion, vehicle type, battery capacity, competitive landscape, and regional distribution.
The global market for electric 4 wheel drive cars is classified into three categories based on propulsion: battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). BEVs rely entirely on electricity and feature large onboard batteries that charge one or more motors. HEVs, on the other hand, use a combination of a fuel-based engine and an electric motor, with regenerative braking to recharge the engine. PHEVs combine an electric motor charged by a plug with a fuel-based internal combustion engine (ICE) and can travel longer distances thanks to their increased battery size and ability to recharge from the grid.
The global electric 4 wheel drive car market is segmented based on vehicle type into hatchback, sedan, and SUV, with the hatchback segment expected to experience the fastest incremental growth over the next five years. Hatchbacks are smaller and more affordable electric vehicles that can accommodate four to five passengers, which explains their high demand worldwide.
Asia-Pacific is anticipated to hold the largest market share in the forecast period, as ongoing technological advancements and a thriving automotive industry drive the shift from complex mechanical systems to electronically controlled systems. The adoption of advanced systems is accelerating the adoption of 4 wheel drive car systems, thereby contributing significantly to market growth.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “Global Electric 4 Wheel Drive Car Market”
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Major market players operating in the global electric 4 wheel drive car market are:
- Volkswagen Group
- BMW AG
- Hyundai Motor Company
- Daimler AG
- Tesla INC
- Toyota Motor Company
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“Increasing demand for fuel-efficient, high-performance vehicles fuels the demand for electric vehicles across the globe. Market players are investing heavily in upgrading the existing infrastructure and finding innovative technologies to enhance the consumer experience. The development of fast-charging stations to charge electric vehicles, reduce the cost of electric vehicle batteries, and the government’s support is boosting the demand for electric vehicles. Change in preference of consumers to cover long distances via road trips and the growing consciousness of consumers about the benefits of traveling by electric vehicles are expected to propel the global electric 4 wheel drive car market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Electric 4 Wheel Drive Car Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global electric 4 wheel drive car and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global electric 4 wheel drive car market.
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